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Oil edges up as China, U.S. set trade talks, but markets wary of slowing demand

Oil prices on Thursday clawed back some of the previous day’s losses after Beijing said it would send a delegation to Washington to try to resolve a trade dispute between the United States and China that has roiled global markets. Market sentiment, though, remains bearish amid the dispute and concerns of an economic slowdown in emerging markets. Brent crude oil futures were at $71.11 per barrel at 0712 GMT, up 35 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 15 cents, ...

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Oil India : Q1 profit jumps 56% to Rs 703 crore

State-owned Oil India Ltd today reported 56 per cent jump in the June quarter net profit on higher oil prices. Net profit in the April-June quarter of current fiscal rose to Rs 703.22 crore, or Rs 6.20 per share, from Rs 450.24 crore, or Rs 3.84 a share in the year-ago period, the company said in a statement here. OIL sold 0.81 million tonnes of crude oil it produced in the quarter at an average price of USD 72 per barrel, up from USD 48.41 a barrel realised in the ...

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Angola aims to boost oil output with new block sale agency

Angola will launch next year a new agency to handle oil concessions, the government said on Thursday, as President João Lourenço pushes ahead with reforms aimed at boosting production in Africa’s second biggest oil industry. The creation of a National Agency of Petroleum and Gas to manage and sell oil blocks reduces the near total grip state energy firm Sonangol has over the sector. Since Lourenço became president in September, he has moved to overhaul Sonangol which has been criticised by transparency and rights groups for a lack of transparency ...

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US sanctions impact: Iran offers oil to Asia at cheapest rate in 14 years

Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Tuesday. The “informed source” in Iran’s oil ministry did not give details of the discount, but sought to downplay the move as common industry practice. “Discount is part of the nature of the global markets being offered by all oil exporters,” the source told IRNA. News agency Bloomberg reported on Friday that the state-run National Iranian Oil Company was reducing official prices for ...

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OPEC: Oil Market Highlights

Crude Oil Price Movements In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed movement over the month, while US oil inventories continued to drain, particularly in Cushing, Oklahoma. ICE Brent averaged 99¢ m-o-m lower at $74.95/b, while NYMEX WTI rose $3.26 m-o-m to $70.58/b. Year-to-date (y-t-d), ICE Brent is $19.53 higher at $71.72/b compared to the same period a year earlier, while NYMEX WTI climbed $16.70 to $66.20/b. The ICE Brent/NYMEX WTI spread narrowed by $4.25/b to $4.37/b in July. ...

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New Russian Refining Subsidies Take Shape

Russia’s oil tax reform will cause refineries to adjust investment plans, causing some to abandon discretionary fuel oil upgrading projects, according to ESAI Energy’s newly released CIS Watch. Underinvestment in fuel oil destruction will exacerbate the oversupply of fuel oil following the introduction of new IMO regulations that will cause many ships to find alternatives to high sulfur fuel oil. The new system the government is expected to embrace will subsidize qualifying refineries with a reverse excise tax. All refiners would pay an excise on each ton of crude processed ...

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India Is Considering 50 Percent Iran Oil Cut to Win U.S. Waiver

India, the second biggest crude customer for Iran, may cut its imports from the Islamic republic by half to secure a waiver from the U.S. to continue with shipments, people familiar with the matter said. Officials from the U.S. had discussed the issue of a conditional waiver on sanctions in talks last month in New Delhi, the people said, requesting not to be identified as the discussion was private. India has expressed its inability to scrap oil imports from Iran completely as its supplies are being offered at competitive rates, ...

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NK Lukoil : Lukoil Reports Preliminary Operating Data For The Fourth Quarter And First Half Of 2018

In the first half of 2018 LUKOIL Group’s hydrocarbon production excluding West Qurna-2 project was 2,287 thousand boe per day, which is 3.2% higher year-on-year. The increase was driven by the development of gas projects. In the second quarter of 2018 production was 2,289 thousand boe per day and flat quarter-on-quarter. Hydrocarbon production, thousand boe per day 2Q 2018 1Q 2018   6M 2018 6M 2017 2,289 2,286 Total (excluding West-Qurna 2 project) 2,287 2,217 In the first half of 2018 LUKOIL Group’s hydrocarbon production excluding West Qurna-2 project was 2,287 ...

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Woodside Records First Half Profit Of US$541 Million

Woodside has recorded a half-year reported net profit after tax (NPAT) of $541 million. Higher production and sales revenue delivered operating cash flow of $1,540 million, a 25% increase on H1 2017. The directors have declared an interim dividend of US 53 cents per share. Woodside CEO Peter Coleman said the company has a clear plan to deliver growth across our three time horizons. “We are executing our strategy, preparing to enter a growth and construction phase for our significant Western Australian gas developments and progressing our international opportunities. “During ...

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PETRONAS Acquires 30% Equity In Senegal’s Rufisque Offshore Profond Exploration Block

PETRONAS through its subsidiary PC Senegal Ltd, recently signed a Farm-in Agreement with TOTAL E&P Senegal SAS, a subsidiary of TOTAL, to acquire a 30% participating interest in the Rufisque Offshore Profond block, marking its entry into Senegal. TOTAL will maintain operatorship with 60% equity alongside Société Nationale des Pétroles du Sénégal (Petrosen) which holds the remaining 10%. The Rufisque Offshore Profond block covers an area of 10,357 square kilometres, offshore Senegal with a water depth ranging from 100m to 3000m. It is located in the vicinity of recent significant ...

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NOC National Oil : Commercial cooperation discussed with German Ambassador

National Oil Corporation (NOC) chairman Eng. Mustafa Sanalla received His Excellency Mr Oliver Owcza, German Ambassador to Libya, and an accompanying delegation on August 12, 2018. Parties discussed the strengthening of cooperation between NOC and German companies. Sanalla underlined opportunities open to German oil companies in Libya, in addition to the importance of knowledge exchange on planned projects. Mr Sanalla stressed the importance of transparency and good governance in the disbursement of oil revenues across the country, pointing out that every Libyan citizen has the right to know where their ...

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Oil falls as U.S. crude inventories jump unexpectedly

Oil futures fell more than $2 a barrel on Wednesday after data showed U.S. crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook. Brent crude futures LCOc1 were down $1.96 a barrel at $70.50 a barrel by 11:07 a.m. EDT [1507 GMT]. The contract earlier touched $70.40 a barrel. U.S. crude futures CLc1 fell $2.22 to $64.82 a barrel. U.S. crude inventories rose unexpectedly last week USOILC=ECI, climbing 6.8 million barrels in spite of refinery crude runs hitting a record high, the Energy Information Administration’s ...

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Malaysia’s Petronas sets Aug MCO OSP premium at $3.75/b to Dated Brent, down from Jul

Petronas has lowered the August Malaysian Crude Oil official selling price differential by 10 cents/b from July to a premium of $3.75/b to Platts Dated Brent crude assessments, the state-owned company said late Tuesday. The MCO OSP differential is set each month taking into account a number of factors such as the average premium or discount to Platts Dated Brent crude assessments achieved in physical spot sales of Labuan, Miri Light, Kikeh and Kimanis loading in the month. Petronas also takes into consideration the assessments of those grades during a ...

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Crude Oil Futures Lower On Bearish US Stocks Data, Strong Dollar

Crude oil futures moved lower during mid-morning trade in Asia Wednesday as a bearish US crude inventory report and a strengthening dollar weighed on prices. At 10:05 am Singapore time (0205 GMT), ICE October Brent crude futures were down 24 cents/b (0.33%) from Tuesday’s settle at $72.22/b, while the NYMEX September light sweet crude contract was 30 cents/b (0.45%) lower at $66.74/b. US crude inventories rose 3.6 million barrels for the week ended August 10, analysts said, citing American Petroleum Institute data released Tuesday. Analysts surveyed Monday by S&P Global ...

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What Does Caspian Sea’s New ‘Shared Usage’ Convention Hold For Oil And Gas Exploration

Ever since the collapse of the Soviet Union, mineral resource rights in the Caspian Sea and who owns what portion of its international waters has been the subject of much consternation between the countries surrounding the basin – i.e. Russia, Iran, Kazakhstan, Turkmenistan and Azerbaijan. Given that it is the World’s 11th-largest drainage basin by area (over 3.5 million sq. km), and holds an estimated 48 billion barrels of oil and 8.7 trillion cubic meters of gas in proven or probable reserves, explains why all of the parties involved wanted ...

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